Page:William Blackstone, Commentaries on the Laws of England (3rd ed, 1768, vol I).djvu/344

 328 indiputably certain, that the preent magnitude of our national incumbrances very far exceeds all calculations of commercial benefit, and is productive of the greatet inconveniences. For, firt, the enormous taxes, that are raied upon the necearies of life for the payment of the interet of this debt, are a hurt both to trade and manufactures, by raiing the price as well of the artificer's ubitence, as of the raw material, and of coure, in a much greater proportion, the price of the commodity itelf. Secondly, if part of this debt be owing to foreigners, either they draw out of the kingdom annually a coniderable quantity of pecie for the interet; or ele it is made an argument to grant them unreaonable privileges in order to induce them to reide here. Thirdly, if the whole be owing to ubjects only, it is then charging the active and indutrious ubject, who pays his mare of the taxes, to maintain the indolent and idle creditor who receives them. Latly, and principally, it weakens the internal trength of a tate, by anticipating thoe reources which hould be reerved to defend it in cae of neceity. The interet we now pay for our debts would be nearly ufficient to maintain any war, that any national motives could require. And if our ancetors in king William's time had annually paid, o long as their exigencies lated, even a les um than we now annually raie upon their accounts, they would in the time of war have born no greater burdens, than they have bequeathed to and ettled upon their poterity in time of peace; and might have been eaed the intant the exigence was over.

produce of the everal taxes beforementioned were originally eparate and ditinct funds; being ecurities for the ums advanced on each everal tax, and for them only. But at lat it became neceary, in order to avoid confuion, as they multiplied yearly, to reduce the number of thee eparate funds, by uniting and blending them together; uperadding the faith of parliament for the general ecurity of the whole. So that there are now only three capital funds of any account, the aggregate fund, and the general fund, o called from uch union and addition; and the outh Rh